The New York Times Company

About The New York Times Company

"All the News That's Fit to Print and Post Online" would be a more accurate motto for this media titan. The New York Times Company (The Times Co.) publishes The New York Times. The iconic newspaper, known to many as The Grey Lady, is one of the world's most respected sources of news. The paper boasts a weekday circulation of about 1.3 million. The Times Co. owns The Boston Globe among other big city newspapers and distributes news online through NYTimes.com and other sites. The company sold content portal About Group in late 2012. Chairman Arthur Sulzberger and his family control the firm through a trust.

Geographic Reach

The Times Co.'s papers are distributed worldwide in print and digital form.

Operations

The company's main two divisions are the New York Times Media Group and the New England Media Group. The New York Times Media Group includes The New York Times, the International New York Times (formerly the International Herald Tribune), NYTimes.com, and related businesses. The New England Media Group includes The Boston Globe, BostonGlobe.com, Boston.com, the Worcester Telegram & Gazette (the “T&G”), Telegram.com, and related businesses.

Financial Performance

Advertising struggles, both online in print, have affected the company's revenue in recent fiscal years. For fiscal 2014 The Times Co. reported a little more than $1.58 billion, up slightly from fiscal 2013's revenue of $1.57 billion.

In fiscal 2014 the company's net income decreased by 49%, down to $33.3 million from net income of $65 million in fiscal 2013. The drop was mainly due to increases in operating cost. Selling, general, and administrative costs increased as a result of severance expense associated with workforce reductions.

Strategy

The Times Co. is something of an anomaly in an industry led by diversified media conglomerates ( Tribune Co.) and vast newspaper empires stretching coast-to-coast ( TEGNA). The company's success hinges on its big city papers attracting readers and advertisers.

The Times Co. has raised cover prices and subscription rates for The New York Times in an effort to make up for declines in print advertising. It is also focused on efforts to reduce costs while investing in its digital media operations to diversify away from expensive print publishing. The company also began charging a subscription fee for access to certain NYTimes.com content early in 2011.

In other activity concerning its digital operations, in 2012 The Times Co. sold About Group to IAC/InterActive for $300 million in cash. The divestiture is part of the company's plans to refocus on its core newspaper and website operations. The Times Co. is working to boost online readership by incorporating video and interactive features into its NYTimes.com website and through media applications for Apple's iPhone and iPad.

In early 2013 the company announced it would explore a sale of the New England Media Group and its 49% equity interest in Metro Boston, which publishes a free daily newspaper in the greater Boston area.

The company’s primary focus going forward is its NYT brand, including expanding the brand’s international reach. The International Herald Tribune is being rebranded as the International New York Times. The Times Co. also plans to introduce more digital products, introduce more mobile initiatives, and expand its events business.